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HP Board Recommends Shareholders Reject Xerox Offer - Quick Facts

HP Inc. (HPQ) Board has concluded that the unsolicited exchange offer from Xerox to acquire all outstanding common shares of HP is not in the best interests of the company's shareholders. The HP Board recommended that shareholders not tender their shares pursuant to the offer.

The HP Board believes Xerox offer meaningfully undervalues the company. The Xerox offer includes a significant equity component, the value of which the HP Board believes would be subject to significant risks and uncertainties. The Board stated the Xerox offer would use HP's balance sheet as transaction consideration for the benefit of Xerox shareholders.

"The Xerox offer would leave our shareholders with an investment in a combined company that is burdened with an irresponsible level of debt and which would subsequently require unrealistic, unachievable synergies that would jeopardize the entire company," said Chip Bergh, Chair of HP's Board.

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